Figure 4-7
-Refer to Figure 4-7. The figure above represents the market for iced tea. Assume that this is a competitive market. If the price of iced tea is $3
A) the quantity supplied is greater than the economically efficient quantity.
B) the quantity demanded is economically efficient but the quantity supplied is economically inefficient.
C) economic surplus is maximized.
D) too many consumers want to buy iced tea.

Question

Figure 4-7 
-Refer to Figure 4-7. The figure above represents the market for iced tea. Assume that this is a competitive market. If the price of iced tea is $3
A) the quantity supplied is greater than the economically efficient quantity. 
B) the quantity demanded is economically efficient but the quantity supplied is economically inefficient. 
C) economic surplus is maximized. 
D) too many consumers want to buy iced tea.

Quizplus · Accepted Answer

The Answer of Figure 4-7 
-Refer to Figure 4-7. The figure above represents the market for iced tea. Assume that this is a competitive market. If the price of iced tea is $3
A) the quantity supplied is greater than the economically efficient quantity. 
B) the quantity demanded is economically efficient but the quantity supplied is economically inefficient. 
C) economic surplus is maximized. 
D) too many consumers want to buy iced tea.

Figure 4-7 -Refer to Figure 4-7. the Figure Above Represents the Market